Mumbai: Physics Wallah (PW) has been taught some sobering lessons in Kozhikode, Kerala, one of its most ambitious southern bets. The city, which became part of the edtech company’s network after its acquisition of Xylem Learning in 2023, quickly emerged as a major revenue contributor. Briefly, it even became PW’s top offline revenue driver. But the red herring prospectus (RHP) for the company’s ₹3,480 crore initial public offering (IPO) showed that in the first quarter of fiscal year 2026 (FY26), Kozhikode ...